Morgans expects market volatility and investor caution to have impacted fund flows for ASX-listed fund managers through the 1Q of 2022 and then carry over into the 2Q.

After a mark-to-market exercise, the broker downgrades the FY22 EPS forecast for Pendal Group by -8% and then by -12.5% for FY23 onwards. The target price falls to $5.65 from $6.85. It's thought flows need to stabilise for a sustained re-rating of the shares. Add.

Sector: Diversified Financials.

Target price is $5.65.Current Price is $4.48. Difference: $1.17 - (brackets indicate current price is over target). If PDL meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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